Michigan

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Why Rent to Own in Michigan?

Michigan is the state of a thousand lakes, and offers a level of natural beauty that is difficult to rival. In addition to incredible outdoor vistas and friendly small towns, Michigan is also an agricultural, industrial, manufacturing, and engineering hub. Despite being one of the hardest states hit by the Great Recession in large part due to the auto industry crisis in Detroit, Michigan is on a strong economic rebound. Lower property prices in major urban areas allow rent to own buyers to fix their credit and secure a loan quickly, and pay less in down payment.
The Great Lakes StateMichigan is the 11th largest state, and has the 10th greatest population. Bounded by 4 out of 5 of the Great Lakes, it has the largest freshwater coastline of any political subdivision in the entire world. A leading U.S. state for recreational boating, Michigan has 64,980 lakes and ponds, and an individual standing at any point within the state is never more than six miles from a freshwater source. Michigan’s abundance of parks and recreation centers, along with its heavily forested upper peninsula, makes its natural beauty of one its greatest resources. 17 billion dollars a year is spent on tourism in Michigan.
Motown Studios, Detroit, MI. Via WikipediaEconomics Michigan
Michigan’s economy is ranked 13th in the US, and is a major center for engineering and high tech industry. The state is ranked 4th for high tech jobs, and has over 548 thousand workers in the field. Michigan is home to Detroit, its largest city which holds 50% of the state’s population and the 11th largest in the nation. As the center of the American auto industry, Detroit was hit particularly hard by deindustrialization in the 80s and 90s followed immediately by the recession. Detroit is nevertheless in the midst of a strong economic recovery with an increasing downtown population, major investment, and growing involvement from major corporations including 3 fortune 500 companies General Motors, Quicken Loans, and Compuware which are headquartered there. Michigan led the US in job recovery in 2010 during the heart of the recession and continues to surge forward. Michigan is 2nd in the US for new corporate facilities and expansions.
Housing Market in Michigan
Lower than average home prices in Michigan make it an attractive destination to invest in property with many buyers flocking to both its urban and rural locations. The median value of a Detroit home is $40,600. In the capital of Lansing, the median is 64,500. In the affluent area of Ann Arbor which is home to the University of Michigan, the median home value is $260,600
Education
In Michigan, the public school and college system consistently ranks among the best in the country. The University of Michigan and Michigan State are both prestigious institutions that offer graduates considerable opportunities. Along with Wayne State University, Michigan State and the University of Michigan, the state’s “university research corridor” attracts 1.5 billion a year in grants toward nationally recognized research and development.
Safety
Michigan suffered higher than average crime rates during the recession which occurred primarily in areas of urban plight and were 80% drug related. Fortunately, thanks in large part to urban renewal projects, crime has dropped consistently and continues to fall. Rates have gone down 11% since 2008. Downtown Detroit currently enjoys lower crime rates than the national average.
Porcupine Mountains, Upper Peninsula, MI. Via Saturday Evening PostCulture and Entertainment
Michigan is a state that can best be described as enthusiastically outdoorsy. Even families in urban areas are able to enjoy outdoor recreation in beautiful parks and forested areas that are always in relatively close proximity. In Detroit, which is in the midst of a major renaissance, the theater venue circuit is the second largest in the US, and hosts regular Broadway performances. As a city that is deeply rooted in live music and entertainment, a bustling and active nightlife awaits anyone with a disposition toward adventure. Michigan is also the ideal home for a sports fan which are a major part of the culture. The Tigers, Lions, Pistons, and Red Wings are all located in the Detroit area, and both Michigan State and Michigan University have major athletic programs that are highly competitive in the NCAA Big Ten Conference.

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